Bitcoin Briefly Trades at $24,000 on Binance's USD1 Pair in Flash Move
Bitcoin experienced a brief and isolated price drop to $24,111 on Binance's BTC/USD1 pair, which is backed by the USD1 stablecoin from World Liberty Financial. This sudden dip was followed by a rapid rebound to above $87,000 within seconds.
This unusual price movement was confined to the USD1 stablecoin pair and did not affect other major Bitcoin trading pairs. Experts note that such incidents are microstructure events and should not be interpreted as indicators of Bitcoin's overall market direction.
The flash move is attributed to factors like thin liquidity on less-traded stablecoin pairs, a shallow order book, and the impact of a single large order, liquidation, or automated trade sweeping bids. These effects tend to be amplified during quieter trading hours when fewer participants are available to absorb order flow.
Additional technical causes include spread widening, faulty quotes, or trading bots reacting to specific prints. After the event, the USD1 pair normalized and Bitcoin's price returned to levels consistent with prevailing market prices.
